Thames Water - RP2, Expectations and Returns

Please find our all new analysis of Thames Water here.

Will it be worth it? The New Money certainly will, but the next round will involve three- or more likely four-way discussions and no party appears to

Wolfgang Felix27 May 2025THAMES WATER

Graanul - Apollo's options

Please find our updated analysis on Graanul here.

We wrote extensively on Graanul before the numbers, and therefore this update is more focused on the options available to Apollo

Tomás Mannion23 May 2025GRAANUL

Modulaire Group - comment

The results were below our estimates, but an improving gross margin and stable unit sales will keep the bonds from widening as

Aengus McMahon23 May 2025MODULAIRE

Kem One - comment

Management's approach during yesterday's call came across as somewhat defensive, as they maintained the position that

Tomás Mannion23 May 2025KEM ONE

Lowell - comment

A lonely call this morning, as bonds are locked up and the RCF lenders have all agreed. Still, we have had difficulty modelling the significant uptick in collections that

Wolfgang Felix23 May 2025LOWELL

Cerba - Living in denial.

Please find our updated model reflecting Q1 results here.

The release of Q1 numbers has not altered our fundamental view on Cerba. While the results were broadly uneventful, we were surprised by

Tomás Mannion22 May 2025CERBA

Kem One - comment

No sign of life in the European PVC markets with Kem One experiencing lower volumes than last year, and demand in Europe and the

Tomás Mannion22 May 2025KEM ONE

Graanul - comment

The Q1 numbers are in line with our view. The financials are the secondary focus for Graanul, and all eyes will be on the Company’s plan to secure

Tomás Mannion22 May 2025GRAANUL

Tullow Oil - comment

Tullow issued a trading update before hosting its AGM later this morning. With no drilling in Q1, which included a 2-week planned

Tomás Mannion22 May 2025TULLOW

Consolidated Energy - comment

We estimate that the CONSOL stake in Natgasoline is worth around $1.1 billion. Additionally, CONSOL would receive compensation if its contract to

Aengus McMahon22 May 2025CONSOLIDATED

Graanul - Has anything changed?

Please find our updated analysis here.

We have changed our model substantially, which gives us a better understanding of the business. However, the ultimate issue remains the

Tomás Mannion21 May 2025GRAANUL

Tele Columbus - comment

Partnering with a wholesale fibre provider will help manage the costs of the FTTH rollout in Berlin, so this is a small credit positive.

Aengus McMahon21 May 2025TELE COLUMBUS

OHLA - comment

The interview with the OHLA CEO contained some new information. If OHLA loses the Qatar (Sidra) case, it has the cash to pay, and

Aengus McMahon21 May 2025OHLA

ASDA - comment

The sale and leaseback is cheaper than bank debt or issuing SSNs. ASDA’s 2030 SSN yields around 9.5%, whereas a sale and leaseback deal will be

Aengus McMahon21 May 2025ASDA

Accentro - comment

The bondholder agreement on interest deferral was always going to happen, and now it is up to Accentro to complete the restructuring by

Aengus McMahon21 May 2025ACCENTRO

Lowell - comment

We have uploaded a slightly revised analysis. We have made no changes to any of the conclusions.

Wolfgang Felix21 May 2025LOWELL

Ardagh Group - comment

The ending of discussions between the SUNs and Ardagh Group is bad news for the SUNs. Ardagh looks to have rejected the latest SUN's counterproposal and

Aengus McMahon21 May 2025ARDAGH

Adler - comment

This had been on the cards and was well-flagged by management. The company has launched a tender offer to buy back its ARE 26s for which it ca

Wolfgang Felix20 May 2025ADLER